Goodyear Announces Plan to Build New Consumer Tire Plant in
the Americas

- Shareholder return program more than doubles to approximately $650
million

- 20% increase in quarterly common stock dividend

- Share repurchase program increased to $450 million

AKRON, OH--May 29, 2014: The Goodyear Tire & Rubber Company today
announced an update to its 2014-2016 capital allocation plan focused on
increasing shareholder returns and capturing high-return growth
opportunities in North America and Latin America.

Due to Goodyear's strong 2013 free cash flow, which enabled the full
funding of its hourly U.S. pension plans in early 2014, the company is
reallocating approximately $1.1 billion of its 2014-2016 cash flow.

The updated capital allocation plan, which aims to increase shareholder
value by providing approximately $650 million in returns to investors,
strengthening the balance sheet and investing in high-return growth,
includes:

Allocating an additional $300 million to growth capital expenditures to
enable the company to build a new plant to serve its North American and
Latin American consumer tire businesses and capitalize on the anticipated
growth in high-value-added tire markets in the two regions. Increasing the
quarterly cash dividend on Goodyear's common stock by 20 percent to 6 cents
per share from 5 cents per share beginning in September. The payout
represents an annual rate of 22 cents per share for 2014 and 24 cents per
share for 2015. Increasing the share repurchase program by $350 million to
allow Goodyear to acquire up to $450 million of its stock through 2016.
Based on company performance, the shareholder return program can be
increased up to an additional $250 million, to a total of $900 million.
Allocating an additional $400 million towards debt reduction, further
strengthening Goodyear's leverage metrics and advancing the company's
objective of achieving an investment grade credit rating.

The new tire plant will support Goodyear's long-term growth in
high-value-added consumer replacement and original equipment market
segments. "Our investment supports another key element of our strategy
– to focus on winning with consumers in profitable market segments,"
Kramer said.

"With growing consumer demand for our high-value-added tires in North
America and Latin America, the time is right to invest in additional
manufacturing capacity in the Americas to maintain Goodyear's leading
position and to grow earnings beyond 2016," he said. "Goodyear is
well-positioned to meet this market demand and has a proven track record of
producing strong returns on capital investments."

Goodyear plans to invest approximately $500 million to build the new
plant, which will be its most technologically advanced and have an initial
capacity of about six million tires per year. Capacity can be increased as
demand increases. Site selection is underway to identify the best location
for the plant to support North America and Latin America customers. Tire
production is expected to begin in the first half of 2017.

The company also reaffirmed its 2014-2016 financial targets, which
include:

Segment Operating Income growth of between 10 percent and 15 percent per
year and Annual positive Free Cash Flow from Operations.

Additionally, the company continues to expect a 2 percent to 3 percent
increase in unit volumes for 2014 over 2013.

Laura K. Thompson, executive vice president and chief financial officer,
will discuss the 2014-2016 capital allocation plan update as a part of her
presentation at the KeyBanc Capital Markets' Industrial, Automotive, and
Transportation Conference in Boston at 10 a.m. today.

A live audio webcast of the presentation will be available on the
company's investor relations Web site: Goodyear Investor. A
replay of the webcast will be available following the event. Prior to the
webcast, the company will post the financial and other related information
that will be presented on its investor relations Web site.

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